The Federal Government is targeting more than two million Nigerians for consumer credit in 2027 as it moves to expand access to formal borrowing and use credit to support local businesses and job creation. The Nigerian Consumer Credit Corporation (CREDICORP) has so far facilitated N53.5 billion in credit for more than 351,000 beneficiaries, with women accounting for 59% of those reached.
CREDICORP Expands Consumer Credit Programme
The corporation’s Managing Director, Uzoma Nwagba, disclosed this in an interview with The Nation at the weekend. Nwagba said CREDICORP disbursed more than N45.2 billion in the first half of 2026 and expects to reach over 500,000 beneficiaries by the end of the year, building on the more than 300,000 people reached as of July.
He said the agency was not only focused on giving Nigerians access to loans but also on using consumer credit to boost demand for locally made goods, strengthen businesses and create employment. CREDICORP currently works with 37 participating financial institutions, including commercial banks, microfinance banks and finance companies. It plans to increase the number to 45 before the end of 2026, particularly by bringing in lenders with strong networks in rural and underserved communities.
The agency's interventions cover five major areas: vehicles, renewable energy, digital devices, home improvement and essential goods. “Consumer credit can directly improve livelihoods and stimulate economic activity,” Nwagba said.
Scheme Links Borrowers to Nigerian Businesses
Through its SCALE programme, which means Securing Consumer Access for Local Enterprises, CREDICORP connects credit-backed consumers with Nigerian manufacturers and vendors. More than 10,000 customers have benefited from the initiative, particularly in vehicle purchases, home improvement and essential goods. The programme is currently being implemented with more than 15 local manufacturers and vendors.
According to Nwagba, the initiative helps Nigerian businesses gain access to thousands of consumers whose purchases are supported by credit, thereby increasing local production and employment. CREDICORP said its credit interventions have so far recorded zero non-performing loans as it works to expand formal lending without creating a new burden of bad debts for financial institutions.
FG Plans Wider Credit Education
Nwagba said CREDICORP was working with the Central Bank of Nigeria and credit bureaus to improve credit information and build a sustainable consumer lending system. He also called for a comprehensive credit identification system linked to the National Identification Number (NIN). Such a system, he said, would enable Nigerians to build formal credit histories based on their borrowing and repayment behaviour.
CREDICORP also plans to educate more than 10 million Nigerians annually on responsible borrowing, repayment discipline and credit scores. Under YouthCred, more than 60,000 young Nigerians have already received credit education. The programme now covers youth entrepreneurs in addition to NYSC members and employed young people.
Nwagba said civil servants account for only about 10% of beneficiaries, stressing that CREDICORP programmes are designed for everyday Nigerians, including traders, artisans, entrepreneurs, office workers and corps members.
